Office rents increase in Asia as demand grows

Booming Asia is facing ever-growing interest from companies who wish to open offices, which has led to a leap in office rents.

This year’s Global Office Index drawn up by property experts Jones Lang LaSalle has revealed that office space in Asia increased by 10.5 percent during the third quarter of this year, compared to 5.5 percent worldwide.

China’s economic boom is attracting many big corporations into Asia, corporations that are more than willing to pay premium prices for desirable office locations. Office rents in Beijing increased by around 51 per cent during this time. Other Asian cities to see impressive growth include Jakarta with 48 per cent and Shanghai with 24 per cent.

Comparatively, the US and Europe saw much smaller growth. Europe notched up 4.4 per cent and the Americas saw a rise of just 2.6 per cent.

A spokesman for Jones Lang LaSalle said: “In the Asia pacific region, we expect rents to increase in most markets over the short term, although Hong Kong and Singapore may witness some softening given their greater exposure to global economic conditions.”